Are you looking to market your business overseas? Below are five tips on how to approach international marketing that will benefit your business.
1. Is there a demand for your product or service overseas? Don’t make assumptions that there is a need, the internet has opened up the market worldwide and you may have received some orders from abroad, however, it doesn’t mean there is a real requirement. Take time to research new markets, consider how your business will translate. Customer expectations will be very different from the UK.
2. Once you are satisfied that there is a requirement for your business or service overseas. The next thing to do is to assess the size of the market and how profitable it could be. Find out about the competition. Understand the barriers to entry and ensure your business complies with local legislation?
3. This next tip is crucial. Understand your potential customers. What are their likes and dislikes? What motivates them to buy, and how do you meet their expectations? Understanding local values and expectations is key to business success. For more information, check out our Five tips to understanding your customer. Once you are satisfied, you know your customer, you can then create customer personas and start to map the customer journey.
4. Find a partner to help distribute. It may be that you can market directly to your consumer. However, consider the benefits of finding a partner. There are people in-market such as agents, consolidators and distributors who already have the knowledge, experience and channels in place to help you succeed. These partners will also ensure that your product or service lives up to local appeal.
5. Don’t apply your UK marketing strategies overseas. Research the popular communication channels understand how customers engage with brands, how do they like to buy? Finally, it is essential to review an international marketing strategy every quarter. Even if your company sends representatives to travel to the foreign market, it is much more challenging to keep a finger on the pulse of an overseas marketing campaign. Results should be tracked and optimised over time.